Quoin Shares Corporate Update, Positive Clinical Data and Q3 Financial Results
Company’s global network now spans 61 countries
In today’s corporate update, Quoin Pharmaceuticals (Nasdaq: QNRX) CEO, Dr. Michael Myers, shared the company’s “significant progress across multiple fronts culminating in the release of additional positive clinical data” for QRX003 in its ongoing Netherton Syndrome clinical trial. Subjects reported reduction in itching, improved skin appearance and satisfaction with QRX003 across multiple endpoints.
Further, Quoin entered into its ninth commercial partnership for QRX003 with FarmaMondo in Singapore, extending its global commercial partnerships to 61 countries. Late-stage discussions with additional countries in Latin America and Southeast Asia continue, with the aim of making QRX003 available to as many patients in as many countries as possible upon approval.
“These partnerships, along with our own planned commercial infrastructure for the U.S. and Europe, will facilitate what will effectively amount to a global launch of the product, once approved, and lay the foundation for similar global launches of pipeline products once they also receive regulatory approval,” Dr. Myers said. “We firmly believe this global commercial network is unprecedented for a company our size and represents a highly differentiated and perhaps somewhat underappreciated advantage for Quoin.
“The potential incremental revenue-generating opportunity that this global commercial partnership network represents, all of which will effectively fall to the bottom line, could ultimately be highly significant for the company and have a materially positive impact on our future profitability.”
Based on patient numbers and its potential price point, Quoin believes the market for QRX003 is “substantially in excess of $500 million in total and could be significantly higher.”
Quoin reported positive benefits across multiple clinical endpoints and no safety concerns in the open-label clinical trial. Dr. Myers noted that Quoin expects “an even more robust clinical data set” that will “potentially lead to a faster and possibly wider initial regulatory approval” for QRX003 based on planned protocol amendments, including increased dosing.
The contract manufacturer for QRX003’s active ingredient has successfully developed and scaled up a new and fully good manufacturing practice (GMP) for the substance; the source of the material is exclusively available to Quoin and the company is also exploring related intellectual property development.
Further, Quoin is “acutely focused” on expanding its product portfolio via acquisition, licensing or other opportunities. The company has narrowed 20 opportunities down to three rare disease products and is actively working on closing at least one of the transactions.
The company reported cash, cash equivalents and marketable securities of approximately $14 million as of Sept. 30, providing a cash runway expected to extend through 4Q 2024. Operating loss for the third quarter was $2.1 million, compared to $2.3 million for Q3 2022, due to lower professional fees and other general costs.
Dr. Myers added, “As we continue to make significant progress on the clinical front ourselves, we and our now nine global marketing partners are more excited than ever by the potential commercial opportunity of what could be the first regulatory approved product for this horrendous disease.”